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◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
The only covered bond issued this week landed with a small new issue premium
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
Data
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
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Rabobank sold the first euro additional tier one (AT1) bond in almost six weeks on Tuesday, landing the deal at a record low coupon in euros for the format. -
DZ Hyp raised €1bn of eight year covered bond funding flat to its curve on Tuesday in what bankers called a ‘textbook execution’.
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Bank of Cyprus has picked banks to arrange the refinancing of some of its subordinated operating company debt with a new tier two, which it will issue from the holding company level.
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An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.
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Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
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Indonesia's Bank Mandiri has sold its first sustainability bond, raising $300m after an order book that was more than 10 times subscribed at its peak.
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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